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Have you ever considered launching your own podcast, but stopped because you weren’t sure if it would be worth the time and the effort involved?
Telling your story is essential for differentiating yourself and building a successful business. Social media, blogs, and email marketing are some of the ways to reach your audience.
And then, there’s podcasting.
Podcasting has exploded in popularity over the past few years (700,000+ active podcasts are available for download), and the trend shows no sign of slowing down. Given our jam-packed lives, consuming content “on-the-go” isn’t just a matter of convenience. Some days, it’s our only chance! A great podcast makes a long commute or a tough cardio session more enjoyable and more productive.
And while content-on-the-go has earned its place on most of our smartphones, most advisors still don’t fully appreciate that podcasting gives them access to a powerful marketing platform.
Podcasts are unique in their capacity to build a deep personal connection with your intended audience. Think about how much more you learn about a prospect or a peer when you speak to them over the phone versus connecting through email. Tone of voice, attitude and opinions all filter in to provide you with valuable insights. Podcasts invite listeners into your conversations – and give them a chance to get to know you as a human being.
Why aren’t more financial advisors jumping into podcasting?
They’re afraid they don’t have what it takes to be the next Joe Rogan!
I have personally watched several financial advisors (who I think would be excellent in a podcast setting) flirt with the idea of starting their own podcast – and then shy away because they don’t think they can get millions of downloads a month.
There are two problems with this line of thinking. It’s based on the falsehood that celebrity is the measure of a podcast’s success. Two, it can trap the advisor in a role of an influencer, which is distinct and different from the role of an advisor.
Podcast influencer status isn’t be-all, end-all
A financial advisor doesn’t have to become a celebrity influencer to be successful. You don’t need to reach the “10 million downloads” watermark in order to get new clients. The success of your podcast should be measured by its ability to create viable leads, which can be nurtured into prospects and eventually converted to clients.
Are there some amazing advisors who have reached influencer status and achieved great success? Absolutely! But celebrity is not the ultimate measure of success.
In fact, it detracts from business growth by pulling you away from being a great advisor.
The “influencer trap” happens when an advisor spends most of his or her time creating original content (such as videos, podcast episodes, blogs posts, emails, lead magnets, etc.) to nurture a large audience of consumers.
A massive content effort creates tremendous reach and visibility. Unfortunately, it also leaves you with precious little time to spend with prospects, clients, and centers of influence. After a few years, some influencers in the financial services space have found themselves with an audience so large and diverse, that in order to effectively monetize it, they had to launch courses, paid community offers, and affiliate deals.
That may be great for some professionals. But most financial advisors should not be in the business of running a media company.
They want to help clients.
To be a financial advisor, you don’t need to build a giant audience.
Build the right audience instead
In order to be successful with podcasting and still maintain their role as financial advisors, professionals need to view podcasting as a tool to build trust with very specific people.
Think a small, but clearly defined audience.
Let’s say you focus on executives in your local area. You log into LinkedIn and discover that there are 200 senior VPs in technology within a 10-mile radius of your office. What’s a creative way to get their attention without any sales pressure?
Instead of soliciting executives and asking them to become clients, ask them to be a guest on your show. The name of the show should convey authority and credibility, so that each guest feels honored and excited to participate.
If you position it that way, chances are that the executive will agree to appear on your podcast. Most would-be guests will jump at the opportunity to create marketable content that could be leveraged for future interviews, advance their thought leadership, or add credibility for a future promotion.
In other words, it’s a win-win.
You spend an hour and a half with a local executive, asking great questions and building likeability. They get a lasting piece of content they can use however they see fit. And, as a bonus, you create a reason to follow up with them and advance the relationship. Not everyone will become a client. However, if you stick with it, you should begin to add a couple of new clients after a few months of using this strategy.
At my RIA, SurePath Wealth, we are doubling down on this strategy for all our partners.
Think you don’t have enough time to commit to podcasting?
Not only does podcasting make it easier for thousands of people to find you, but it also gives them a chance to experience your expertise and develop trust. As a marketing tool, podcasting is unmatched. Whatever time you invest producing your own podcast will be well-worth the reward.
Patrick Brewer, CPA, CFA is the founder and a partner at SurePath Wealth, co-founder of Brewer Consulting, and host of “The Model FA” podcast. Connect with Patrick on Facebook or LinkedIn.
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